New Found Gold (NYSE:NFGC) Stock Price Down 9.7% – Here’s What Happened

New Found Gold Corp. (NYSE:NFGC) dropped 9.7% during trading on Thursday . The stock traded as low as $2.69 and last traded at $2.69. Approximately 2,090,445 shares were traded during trading, a decline of 9% from the average daily volume of 2,288,250 shares. The stock had previously closed at $2.98.

New Found Gold Stock Performance

The stock has a market cap of $654.01 million, a price-to-earnings ratio of -12.23 and a beta of 1.31. The company has a 50-day simple moving average of $3.00 and a two-hundred day simple moving average of $2.38.

Institutional Trading of New Found Gold

Several institutional investors and hedge funds have recently added to or reduced their stakes in NFGC. Bank of Montreal Can lifted its stake in New Found Gold by 255.5% in the 2nd quarter. Bank of Montreal Can now owns 289,019 shares of the company’s stock valued at $414,000 after purchasing an additional 207,720 shares during the last quarter. Timelo Investment Management Inc. acquired a new stake in shares of New Found Gold in the second quarter valued at approximately $254,000. XTX Topco Ltd boosted its stake in shares of New Found Gold by 1,025.2% during the 2nd quarter. XTX Topco Ltd now owns 230,136 shares of the company’s stock worth $327,000 after acquiring an additional 209,684 shares during the period. Quadrature Capital Ltd acquired a new position in shares of New Found Gold during the 2nd quarter worth approximately $82,000. Finally, Midwest Trust Co bought a new stake in New Found Gold in the 2nd quarter valued at $28,000. 3.43% of the stock is owned by institutional investors.

New Found Gold Company Profile

New Found Gold Corporation is a Canadian mineral exploration company focused on the discovery and advancement of gold deposits in eastern Canada. The company’s principal asset is the Queensway Project, located in the Central Newfoundland gold belt, a region renowned for high-grade orogenic gold systems. New Found Gold employs systematic drilling and geophysical surveying to delineate multiple high-potential zones along a 25-kilometre strike corridor, targeting both near-surface and deeper structural targets.

The Queensway Project has garnered attention for its visible gold-bearing quartz veins and robust drill intercepts, which have extended known mineralized zones and uncovered new targets.